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FINANCIAL AID FOR COLLEGE SOTA COUNSELOR PRESENTATION
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TODAY’S AGENDA What is financial aid process? What types of financial aid exist? What forms do I need to complete? When are financial aid forms due? What happens next? Tips for success!
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WHAT IS FINANCIAL AID?
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SCHOLARSHIPS & GRANTS Institutional Scholarships & Institutional Grants Merit (GPA), Financial need, and/or Talent Federal Grants Federal PELL, ( PELL may be $0- $5730) Federal SEOG Grant (Amount varies per school) State Grants NYS TAP ( $500 - $5165 if eligible) NYS Merit Scholarships – amounts vary Outside Scholarships Students apply directly with scholarship provider
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LOANS Federal Direct Student Loans Borrow from the federal government Amount determined by grade/dependent level: $5,500 Freshman $6,500 Sophomore $7,500 Junior $7,500 Senior Mix of Subsidized and Unsubsidized Subsidized means the loan is interest free during college Unsubsidized means the loan accrues interest during college 2014-15 Direct Loan interest rate is 4.66% Begin repayment six months after graduation Typical 10-25yr. repayment period
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LOANS Private Student Loans Borrow from lender of your choice Student must apply with a credit-worthy co-signer Interest rates are variable and are based upon credit scores of borrowers Typical 10 yr. to 20 yr. repayment period
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WORK STUDY Federal Work Study Need-based federal work study Student earns a pay check every 2-weeks Can use money for future educational expenses Campus-based Work Study Non- need based Student earns paycheck every 2 weeks
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WHAT FORMS DO I COMPLETE? Free Application for Federal Student Aid ( FAFSA) – fafsa.gov
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TAP www.hesc.com www.hesc.com Link at the end of FAFSA Required for NYS TAP and scholarships CSS Profile/ Institutional Application www.collegboard.com Complete only if school requires Federal Verification – if selected Verifies the FAFSA data – income, taxes paid, # in household Use IRS Data Retrieval for ease WHAT OTHER FORMS DO I COMPLETE?
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WHEN ARE FINANCIAL AID FORMS DUE? FAFSA- Jan 1 st of senior year TAP – Jan 1 st of senior year CSS Profile – available Oct 1 st of senior year Check college websites for deadline dates!
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JUST TO SUMMARIZE! Financial Aid is Scholarships, Grants, Loans & Work Study File the FAFSA, TAP, CSS Profile/ Institutional Aid applications to be awarded aid File FAFSA & TAP on January 1 st of senior year * Estimate tax information * FAFSA determines EFC Schools will use EFC to determine financial need and create your financial aid award letter Review financial aid award letter carefully- compare offers, ask questions Complete additional forms if requested by your school -Verification, Direct Loan Entrance & MPN
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TIPS Determine where to apply for college admission early! Don’t wait until late summer! Know you school’s application deadlines Know your school’s application requirements Profile needed? Institutional Financial Aid application needed? Don’t wait to file FAFSA until after accepted- apply early! Look for outside scholarships Ask questions! TIPS FOR SUCCESS!
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WHO DO I GO TO FOR HELP? Federal Student Aid website - www.studentaid.govwww.studentaid.gov NYSFAAA College Goal New York www.collegegoalny.orgwww.collegegoalny.org College Board www.collegeboard.comwww.collegeboard.com NYS Higher Education Services – www.hesc.comwww.hesc.com College Financial Aid Office School counselor
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QUESTIONS?
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